Every company, including umbrella companies, needs to make sure their payroll processing is handled well. Whether the company is public or privately-owned, they need to have a reliable process for managing payroll. There are many different things umbrella companies need to keep in mind when they are processing payrolls. Any problems with these processes can lead to huge financial implications for the company.
One of the most important factors to consider when processing payrolls is how much money will be available. Managing funds can be challenging for any businesses, even more, if they cannot rely on steady revenue streams from outside sources.
It's challenging for umbrella companies because they may not always know the quantum of expenses at the end of the month. If there isn't enough money to go around, they can run into problems with payroll processing if they don't have an efficient way of managing their funds.
Challenge #2 Another critical factor for umbrella companies is whether or not they can manage how much work is required for each pay period. No matter what type of company it is, there will always be a certain amount of work that needs to be done to ensure employees are paid on time. It is particularly important for umbrella companies because they need to make sure they have enough workers available to process the payroll at any given time. If they can't keep up with the work, it can delay getting employees paid on time.
Umbrella companies need to streamline how often they pay the employees. Every company has a different timeframe for paying salaries, but not every company needs to pay its employees as frequently as others do. For example, some companies must process payrolls at least twice a month. It can be difficult for umbrella companies because they may not have the resources to process two payrolls every month. They also need to be aware of how frequently they are issuing payments so that they don't run into any compliance issues.
The Brain Umbrella Company Software covers all aspects of payroll. It is a comprehensive payroll system that can help umbrella companies with pay frequency, work management, and compliance.
Brain Payroll software is exclusively crafted considering the unique requirements of umbrella companies in the UK as well as professional accounting firms & payroll service bureaus helping them by providing the following services:
1. Easy & Quick Payroll Processing for Onboarding New Starter
Brain Payroll can help umbrella companies process their payrolls for new starters more efficiently and effectively. Onboard new starters' bulk import feature will help them save time and money. It reduces their payroll team's manual efforts and errors while onboarding new contractors. It includes setting them up in the system and ensuring their contractors are paid on time.
2. Ease in Keeping Records with Powerful Document Management
Umbrella companies also need a reliable way of managing documents. Brain Payroll offers a robust document management system that can help umbrella companies keep track of all their documents via a web portal. It provides quick access to specific records to the stakeholders, clients, and contractors for viewing, printing, or downloading. The payroll team can upload COI, Employment Terms, etc., and attach them to the relevant Agency. Sending documents to multiple employees and keeping track is also possible.
3. Self-Service Portals for Agencies, Clients & Contractors
Umbrella companies also need a way for their clients and contractors to access information. Self-service portals are offered to stakeholders for building a better relationship, meaningful communication, global access, defining better workflow, and to boost productivity. Brain Payroll offers self-service portals that can provide agencies, clients, and contractors with the following:
4. Customized & Informative Reports for Statutory & Management Purposes Brain Payroll offers several reports to harness payrollers with the power of intelligent reports enabling the correct and in-depth information. These reports include the following:
5. Interactive Payslips for Workers Ease to Information nteractive payslips can help workers better understand their pay. They can quickly see how their payment is calculated and what deductions have been made. It also allows workers to view their payslip history. It can help them keep track of their income, expense, and holiday pay and reduce worker support queries related to pay. A holiday pay calculator based on the individual contracts of workers ensures that they are paid the correct amount.
6. Get Complete HMRC & RTI Reporting Brain Payroll offers a complete HMRC & RTI reporting for umbrella companies, including RTI, FPS, and EPS. Umbrella companies can submit and resubmit their payroll reports to HMRC via connected APIs with a single click. It can also send FPS, EPS, Corrective FPS, EPS, and EYU in bulk for multiple companies. Brain Payroll offers support for employment allowance claims and small employers' relief. Now, umbrella companies can also track HMRC submissions on a monthly and quarterly basis.
7. National Minimum Wage Warnings to Avoid Errors in Payroll Processing
Brain Payroll offers a warning system for the national minimum wage to help avoid payroll processing errors. It provides age bracket-based automatic calculation of the National minimum wage for employees. Umbrella companies can process payroll accurately as daily rates are automatically transformed to hourly and compared against the National minimum wage requirement. Warnings are being published when an NMW or NLW legislation is bypassed while processing the payroll.
Improve your umbrella payroll operation's efficiency by a minimum of 30%!!
Get in touch with us to know more about our Brain Umbrella Company Software.